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CBN Dissolves Boards, Management of Union Bank, Keystone, and Polaris

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10 months ago

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By Abubakar Yunusa

The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank, and Polaris Bank.

The boards of the affected banks were dissolved after a meeting with the leadership of the CBN in Abuja.

On Thursday, January 11, 2024, the CBN released a January 10, 2024, statement indicating that it had appointed new executives for Union Bank, Keystone Bank, and Polaris Bank.

Acting Director of Corporate Communications at the Apex Bank, Mrs. Sidi Ali Hakama, disclosed this in a statement obtained by ELANZA News on Monday.

According to the statement, this action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), and (h) of the Banks and Other Financial Institutions Act, 2020.

“The banks’ infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.”

“The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our banking system remains strong and resilient.”

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Dangote Industries pledge to make Nigeria self-sufficient in cement, petroleum, others

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21 hours ago

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April 7, 2025

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Dangote Industries Ltd. says it would ensure that Nigeria becomes self-sufficient in cement, agriculture, mining and petroleum production.

The Regional Sales Director, Southeast, Dangote Cement, Dr Abayomi Shittu stated this in an interview with the News Agency of Nigeria (NAN) in Enugu on Sunday at the ongoing 36th Enugu International Trade Fair.

“Dangote Industries Ltd. is into cement, sugar, salt, poly products, real estate, agriculture, logistics, telecommunications, steel, oil, and gas among other businesses.

“Three of its subsidiaries Dangote Cement Plc., Dangote Sugar Refinery Plc. and Dangote Salt, trading under the name of NASCON Allied Industries Plc. are listed on the Nigerian Stock Exchange.

“Our continuous efforts to innovate, create value and invest in Nigeria are borne out of our firm belief in the vast economic potential of Nigeria.

“Dangote Sugar Refinery, through its out-grower scheme, has provided jobs for thousands of farmers in its host communities.

“The coming of Dangote Fertiliser has to a great extent helped to change the face of agriculture in Nigeria while the Dangote Petroleum Refinery, will drive the development of ancillary industries.

“We recruit graduates of engineering and other technology-based courses and train them in many aspects of industrial operations,’’ Shittu said.

He noted that trade fairs organised by the Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA) were unique because Enugu State had about the largest concentration of industries in the Southeast and South-South geopolitical zones.

He added that ECCIMA’s trade fairs remained avenues for industries to connect with customers in the Southeast and in the adjoining zones. (NAN)

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Nigeria’s Public Debt Rises 48% To N144.67trn In 2024

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2 days ago

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April 6, 2025

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Nigeria’s public debt rose by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024 from N97.34 trillion ($108.23 billion) in 2023.

The Debt Management Office (DMO) disclosed this in its latest public debt profile report.
The debt stock consists of external debt of N70.29 trillion ($45.78 billion) serviced with $4.66 million and domestic debt of N74.38 trillion ($48.44 billion).
The report showed that the country’s external debt increased by 83.89 per cent YoY from N38.22 trillion ($42.5 billion) in 2023.

Domestic debt also grew by 25.7 per cent YoY from N59.12 trillion ($65.73 billion) in 2023.
The report further indicated that the Federal Government’s domestic debt component rose by 32 per cent YoY to N70.41 trillion from N53.26 trillion in 2023.
But the domestic debt of states and the Federal Capital Territory declined YoY by 32 per cent to N3.97 trillion in 2024 from N5.86 trillion in 2023.

The rise in public debt can be attributed to fluctuating trends in exchange rates amidst changes in global economic conditions.

The sharp increase, particularly in external debt, highlights the nation’s vulnerability to exchange rate volatility and changes in global economic conditions.
With the continued depreciation of the naira, the cost of servicing foreign debt could escalate, adding pressure on the country’s financial resources.

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NNPCL Names New Senior Management Team

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3 days ago

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April 5, 2025

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The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of a new eight -man Senior Management Team.

The appointment followed the recent announcement followed the appointment of the Group Chief Executive Officer (GCEO) and Board of Directors.

Disclosing this in a statement on Friday, NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the appointments all take immediate effect.

“Following the appointment of the Group Chief Executive Officer and Board of Directors, the Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the appointment of a new 8-man Senior Management Team on Friday,” he stated.

“The team which will be headed by the GCEO, Mr Bashir Bayo Ojulari, has Rowland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy.

“Other members of the team are: Udy Ntia as Executive Vice President Upstream; Mumuni Dangazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary & Chief Legal Officer. All appointments are with immediate effect.”

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